Sarasota hotel, condo project nears approval

One of the most widely anticipated luxury condominium developments proposed since the housing boom is nearing city approval, with construction expected to begin sometime next year.

Almost a decade since Kolter Group LLC bought a 2.9-acre swath at the corner of Gulfstream Avenue and U.S. 41 for a record $40 million, the latest site plans proposed by the Palm Beach developer have been tentatively approved by city planners.

Now dubbed "The Vue," the $300 million project also has a new name from what was listed on its pre-application package filed earlier this year.

Area brokerage Michael Saunders & Co. has been tapped as the exclusive listing agent.

"For the most part, all of the Development Review Committee members have signed off on the approval," said Gretchen Schneider, Sarasota's general manager of planning and development. "There are still some conditions that need to be met before final sign off — just a few minor things."

Representatives from Kolter Group could not be reached Friday for comment.

The developer has proposed building two matching 18-story towers on the property; one a 144-unit residential condo, the other a 250-room hotel slated to carry a Westin flag, records show.

The project will have 501 parking spaces, a pair of swimming pools and nearly 14,000 square feet of meeting space. The hotel also will feature a rooftop bar and restaurant.

The empty lot sits directly next to the Ritz-Carlton Sarasota on land that was formerly occupied by a Holiday Inn and Denny's restaurant.

Kolter acquired the lot for a record $40 million in March 2005, but its plans for a luxury condo tower — with an average unit price of $1.45 million — fizzled when the market soured two years later.

Now that the developer has resumed its plans there, Kolter has chosen Michael Saunders to drum up presales. The area brokerage also was picked as the lead listing agency for Kolter's boom-time proposal.

"The whole concept has changed, and therefore the name has changed," said Saunders spokesman Tom Heatherman. "We're going to sell it through our new homes and condos division. The showroom will be at the downtown Gallery office."

Once the site plans have been slightly modified to meet recent DRC recommendations, the project will not have to go before the planning board or city commission for final approval.

City officials estimate Kolter could begin development as early as next year. Depending on when that occurs, the project likely will become the largest of its kind downtown since the real estate market collapsed.

The project is among a handful of other residential condo and hotel developments now seeking city approval in and around downtown.